ZAP vs. PAVE

Last updated Jun 4, 2026

ZAP (Global X U.S. Electrification ETF) and PAVE (Global X US Infrastructure Development ETF) are both Utilities Equities funds from Global X - ZAP tracks the Global X U.S. Electrification Index while PAVE tracks the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past year, ZAP returned 28.84% vs 37.15% for PAVE. A 0.64 correlation means they provide meaningful diversification when combined. ZAP charges 0.50%/yr vs 0.47%/yr for PAVE.

Performance

ZAP vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X U.S. Electrification ETF (ZAP) and Global X US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZAP achieves a 15.14% return, which is significantly lower than PAVE's 19.88% return.

ZAP

• 1D: -0.63%
• 1M: -3.98%
• YTD: 15.14%
• 6M: 13.19%
• 1Y: 28.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAVE

• 1D: 0.70%
• 1M: 1.96%
• YTD: 19.88%
• 6M: 18.87%
• 1Y: 37.15%
• 3Y*: 26.78%
• 5Y*: 17.39%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZAP vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZAP Global X U.S. Electrification ETF	15.14%	21.84%	1.26%
PAVE Global X US Infrastructure Development ETF	19.88%	19.36%	-0.81%

Correlation

The correlation between ZAP and PAVE is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.64

The correlation between ZAP and PAVE has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.

Return for Risk

ZAP vs. PAVE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZAP

ZAP Risk / Return Rank: 60
ZAP Sharpe Ratio Rank: 56
ZAP Sortino Ratio Rank: 54
ZAP Omega Ratio Rank: 52
ZAP Calmar Ratio Rank: 78
ZAP Martin Ratio Rank: 58

PAVE

PAVE Risk / Return Rank: 59
PAVE Sharpe Ratio Rank: 57
PAVE Sortino Ratio Rank: 58
PAVE Omega Ratio Rank: 53
PAVE Calmar Ratio Rank: 62
PAVE Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZAP vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X U.S. Electrification ETF (ZAP) and Global X US Infrastructure Development ETF (PAVE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ZAP	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.99	-0.07
Sortino ratio: Return per unit of downside risk	2.62	2.82	-0.20
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	4.01	3.13	+0.87
Martin ratio: Return relative to average drawdown	10.25	11.50	-1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZAP vs. PAVE - Sharpe Ratio Comparison

The current ZAP Sharpe Ratio is 1.92, which is comparable to the PAVE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of ZAP and PAVE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZAP	PAVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.99	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	0.68	+0.95

Drawdowns

ZAP vs. PAVE - Drawdown Comparison

The maximum ZAP drawdown since its inception was -12.38%, smaller than the maximum PAVE drawdown of -44.08%. Use the drawdown chart below to compare losses from any high point for ZAP and PAVE.

Drawdown Indicators

	ZAP	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-12.38%	-44.08%	+31.70%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-11.91%	+4.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.23%	—
Current Drawdown Current decline from peak	-4.11%	-1.82%	-2.29%
Average Drawdown Average peak-to-trough decline	-2.57%	-6.24%	+3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.24%	-0.41%

Volatility

ZAP vs. PAVE - Volatility Comparison

Global X U.S. Electrification ETF (ZAP) and Global X US Infrastructure Development ETF (PAVE) have volatilities of 6.28% and 6.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZAP	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	6.42%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	15.17%	-3.43%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	18.84%	-3.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	21.60%	-4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	24.38%	-7.47%

ZAP vs. PAVE - Expense Ratio Comparison

ZAP has a 0.50% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

ZAP vs. PAVE - Dividend Comparison

ZAP's dividend yield for the trailing twelve months is around 1.55%, more than PAVE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAVE Global X US Infrastructure Development ETF	0.77%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%
ZAP Global X U.S. Electrification ETF	1.55%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZAP and PAVE in my portfolio?

ZAP and PAVE have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZAP or PAVE?

PAVE has higher volatility (6.42%) compared to ZAP (6.28%). In terms of maximum drawdown, ZAP dropped -12.38% vs PAVE's -44.08%.

Which ETF is better, ZAP or PAVE?

On 1-year performance, PAVE leads with 37.15% vs 28.84% for ZAP. On fees, PAVE is cheaper at 0.47% per year. On volatility, ZAP has been the lower-risk option at 6.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZAP or PAVE?

Over the 1-year period, PAVE has performed better with a 37.15% return vs 28.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZAP or PAVE?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.50% for ZAP.

Which ETF pays a higher dividend yield, ZAP or PAVE?

ZAP has the higher dividend yield at 1.55%, compared with 0.77% for PAVE.

What is the main difference between ZAP and PAVE?

ZAP tracks Global X U.S. Electrification Index, while PAVE tracks INDXX U.S. Infrastructure Development Index. Their fees differ too: 0.50% for ZAP and 0.47% for PAVE.

Which has better risk-adjusted returns?

PAVE currently has the higher Sharpe Ratio (1.99 vs 1.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.